Despite Ethereum’s price surge and a record-setting $2.5 million CryptoPunks sale, the NFT market is in steep retreat — with sales down 11% to $134.9 million.

Punk plummet: NFT sales slide despite record Ethereum prices

Dogecoin is showing strong signs of a market revival, with recent price 
movements and technical indicators hinting at an incoming rally. According to 
technical analysis, Dogecoin&#8217;s recent price action has opened up a pathway to 
$1 that&#8217;s becoming increasingly visible if some conditions are met. 
Particularly, technical analysis by crypto analyst MMBTtrader on the 
TradingView platform outlines a bullish setup that formed after a decisive 
Dogecoin price breakout from a long-term downtrend channel on the 3-day 
candlestick chart. Related Reading: Crypto Is Here To Stay—Even The SEC Can’t 
Do Anything About It, Analyst Says Downtrend Channel Breakout And Retest 
Complete As shown in the 3-day candlestick price chart below, which was 
initially shared by MMBTtrader, Dogecoin broke above a descending parallel 
channel on July 15. This breakout is significant because it represents a shift 
in market structure from sustained selling pressure to an expansion phase from 
a channel that had contained its price action since late 2024. However, after 
breaking out of this channel in mid-July, Dogecoin kicked off a correction 
path on July 21 that saw it reach down towards the upper trendline of the 
descending channel again. As noted by the analyst, this move allowed Dogecoin 
to successfully retest the breakout zone, which is a move he sees as 
confirmation that bulls have regained control. Notably, the 0.61 Fibonacci 
retracement level appears as a key pivot point where Dogecoin&#8217;s price action 
eventually found strong support. This support was around the $0.188 price low 
on August 2, where it bounced upwards and has closed three bullish 3-day 
candles since then. MMBTtrader interpreted these candles as a healthy signal, 
suggesting that over-leveraged long positions have already been flushed out, 
and Dogecoin&#8217;s price action is now in a more stable state for a strong upside 
move. Dogecoin Will Reach $1 When This Happens Now that Dogecoin seems to have 
bounced from its retest of the descending trendline, the analyst highlighted 
some targets on the way to $1. The first price target is $0.32, which aligns 
with the 0.236 Fibonacci resistance and acted as a strong support level in 
December 2024. As such, breaching this level would represent a decisive break 
above a support-turned-resistance situation. One of the most important 
observations in the analysis is the $0.40 resistance level, which is marked on 
the chart with a prominent red horizontal zone. According to MMBTtrader, a 
clean break above $0.40 would shift Dogecoin into what he calls an “extremely 
bullish” phase. A breakout above $0.40 would unlock upside potential and push 
Dogecoin to new price territories above its current all-time high of $0.73. 
Particularly, the projection is that of a move to $0.75 and the most-coveted 
$1 price level. Related Reading: Ripple-SEC Legal Drama Ends; XRP Skyrockets 
13% At the time of writing, Dogecoin is trading at $0.2355, up by 6.2% and 
17.7% in the past 24 hours and seven days, respectively. The most important 
thing for bullish momentum right now is to hold above the 0.5 Fib level at 
$0.216. Featured image from Unsplash, chart from TradingView

Dogecoin To $1 Is Within Reach—Here’s What Must Happen First, Says Analyst

Hines said he is leaving the crypto advisory group to rejoin the private 
sector but will continue to support the cryptocurrency industry.

Bo Hines, director of the White House crypto advisory group, steps down.

Eric Trump mocked traders who were shorting ethereum as the cryptocurrency’s 
rally led to over $173 million in short contract losses. ETH Rally Obliterates 
Short Contracts On Aug. 8, Trump Organization Vice President Eric Trump mocked 
traders who were shorting Ethereum ( ETH) after the digital asset’s rally 
obliterated more than $173 million in short […]

ETH Rally Wipes Out $173M in Shorts—Eric Trump Says it Puts a ‘Smile on My Face’

The cypherpunk ethos is retreating from the limelight, as institutions and 
centralized players take center stage, driving new narratives.

Institutions dominating mainstream crypto narratives — fintech exec

The Chainlink (LINK) market has registered strong bullish action in recent 
days amidst a general market rebound. Data from CoinMarketCap reports that 
LINK’s price has increased by 29.75% in the past week, allowing the altcoin to 
emerge as one of the top market gainers in this period. Interestingly, 
prominent market analyst Ali Martinez has identified another encouraging trend 
underneath this positive price action. Related Reading: Chainlink Acknowledged 
By The White House As Key Player In Crypto Infrastructure Chainlink Whale 
Activity Surges With 8.10 Million LINK Purchase In an X post on August 8, Ali 
Martinez reports a major rise in whale accumulation on the Chainlink network. 
Notably, these investors holding between 100,000 and 1,000,000 LINK tokens 
have collectively added 8.10 million LINK, valued at more than $150 million, 
to their wallets over the last two weeks. Generally, such a surge in 
accumulation, particularly among existing large holders, often signals strong 
confidence in the market. Historically, elevated whale activity has preceded 
major price movements, either fueling bullish momentum or marking key 
distribution zones. In the case of Chainlink, this reported accumulation is 
highly peculiar as chart data indicates that accumulation accelerated during 
the late-July crypto market correction, when LINK traded below $15, and 
persisted even as prices rebounded above $20. This pattern suggests that 
institutional or high-net-worth investors continue to anticipate further price 
appreciations on LINK despite recent gains. Related Reading: This XRP Signal 
Consistently Foreshadows Price Jumps: Analytics Firm LINK Heading To $23? In 
other news, another popular X analytics page with the username 
MoreCryptoOnline shares an interesting insight on Chainlink’s potential price 
action, referencing key support and resistance levels. In an X post on August 
8, these analysts show that LINK is approaching a potential breakout zone. 
After completing what appears to be the third wave of a five-wave Elliott Wave 
sequence, the altcoin now targets the $21.07–$22.65 range, corresponding to 
the 50% and 61.8% Fibonacci extension levels. However, MoreCryptoOnline 
emphasizes the importance of the $17.83–$18.87 support zone, derived from the 
Fibonacci retracement of the current impulse to the proposed bullish sequence. 
They explain that holding this support level would validate wave 4 as a 
corrective structure and pave the way for a final push toward $23, or even the 
78.6% Fibonacci level near $25.12, as wave 5 completes. At press time, LINK 
trades at $20.80 after gaining by 9.58% in the past 24 hours. However, the 
asset’s market daily trading volume is down by 2.73% reflecting a minor 
decline in market activity. Meanwhile, with a market cap of $13.89 billion, 
Chainlink ranks as the $13th largest cryptocurrency. Featured image from 
Pexels, chart from Tradingview